MONARCH AT SHADOWRIDGE
Location: Vista, CA
Acquired: Land in 2003
Site Size: Approx. 21 Acres (Suburban Infill)
Property Type: 314 Class A Apartment Units
Development Overview: Related entity acted as General Contractor (Completed in 2005)
Total Project Cost: $54.2 million Equity Source: Monarch Partners’ Equity
Debt Provider: TIAA-CREF
Status: Sold February 2007 to a related Monarch entity through a joint venture with Archon Group, a wholly-owned subsidiary of The Goldman Sachs Group, Inc.
Total Sale Proceeds: $73.5 million

Highlights:

In 2003, Monarch acquired approximately twenty-one acres of land in Vista, California. At the time of acquisition, the site was occupied by a nursery and golf driving range. Monarch realized the potential of the site based upon its prime location adjacent to the premiere master-planned community of Shadowridge in one of the fast-growing submarkets of San Diego’s North County. Monarch also identified an opportunity to build first-class amenities similar to Regents La Jolla, as a new apartment community had not been constructed in Vista in over a decade.

Upon acquisition, Monarch undertook the necessary entitlement work and successfully rezoned the site for residential use. A related entity undertook the general contracting work, overseeing all phases of the planning and construction processes as well as the work of project sub-consultants. Additionally, Monarch had the foresight during the development and hold period to place a condominium map on the site in order to provide multiple exit strategies. In today’s environment, it is very difficult for existing apartment projects in the City of Vista to obtain condominium maps.

Completed in 2005, Monarch at Shadowridge is one of the highest quality multifamily projects in North San Diego County and the newest multifamily community in the City of Vista. The property was constructed with a high level of architectural detail. Institutional-quality amenities include a large private clubhouse and leasing center, 24-hour business center, state-of-the-art fitness center, recreation area with individual game systems, stadium-style movie theater, and gourmet teaching kitchen. The resort-style pool and spa area features barbecue facilities and an outdoor fire hearth. Individual one-, two-, and three-bedroom units feature nine-foot ceilings with crown molding, ceramic tile entries, dual pane windows, granite countertops, stainless steel appliances, and full size washer/dryers.  Many units also feature attached garages. The units offer efficient floor plans, modern designs, and amenities typically found in condominiums and single-family homes. The amenity package, unit floor plans, and interior finishes are superior to all competitors in the submarket.